Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-Dirt’s officially flying on Houston CBD’s first spec office tower to come out of the ground in 19 years. Before a bevy of officials, Hines Interests and Prime Asset Management Inc. yesterday ceremoniously broke ground on their 32-story, 689,000-sf Calpine Center.

Calpine Corp., a San Jose, CA-based independent power producer, has leased 10 floors or nearly 300,000 sf of the structure that will be positioned at 717 Texas. The new high-rise is set to deliver in fourth quarter 2003.

Two of Calpine’s floors will be trading areas. Calpine’s premier office space eventually will house 1,100 employees now located in scattered Houston office buildings. Sure to be relocated into the building will be Calpine’s central region business development office, Calpine Natural Gas and its trading and risk management departments. More Calpine divisions could be added, says Diana Knox, company senior vice president.

Knox tells GlobeSt.com that the decision for the Hines project was particularly appealing because the building will bear Calpine’s name. “Calpine Corp.’s growth throughout the country is exemplified by this new office building in Houston,” stresses Knox.

JP Morgan Chase Real Estate & Lodging Investment Banking Group financed the project. Hellmuth Obata + Kassabaum’s Houston office designed the building.

Jeff Hines, president of Hines, tells GlobeSt.com that the lot at Texas and Milam is less than a city block and created some architectural obstacles.

Twenty-four of the 32 floors will be office space. The granite building also will feature a 950-space underground parking garage. A landscaped granite pedestrian plaza will surround the structure and lead to the main foyer.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.